KAR Auction Services (NYSE:KAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.
According to Zacks, “KAR Auction Services, Inc., through its subsidiaries, operates as a used vehicle and salvage auto auction company in North America. The company operates in three segments: ADESA, IAAI, and AFC. The ADESA segment provides whole car auctions and related services to commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. The IAAI segment offers salvage vehicle auctions and related services. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. KAR Auction Services, Inc. is headquartered in Carmel, Indiana. “
Other equities analysts have also issued research reports about the stock. Northcoast Research upgraded shares of KAR Auction Services from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Thursday, August 13th. Stephens upgraded shares of KAR Auction Services from an “equal weight” rating to an “overweight” rating in a research report on Thursday, October 1st. SunTrust Banks upped their price target on shares of KAR Auction Services from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. Finally, Barrington Research restated a “buy” rating on shares of KAR Auction Services in a research report on Friday, August 28th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.57.
KAR stock opened at $16.99 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.62 and a quick ratio of 1.62. KAR Auction Services has a 1-year low of $9.41 and a 1-year high of $26.63. The firm has a fifty day moving average price of $16.15 and a two-hundred day moving average price of $14.64. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 89.42, a PEG ratio of 3.28 and a beta of 1.52.
KAR Auction Services (NYSE:KAR) last released its earnings results on Tuesday, August 4th. The specialty retailer reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.18. KAR Auction Services had a net margin of 1.05% and a return on equity of 5.72%. The firm had revenue of $419.00 million during the quarter, compared to analyst estimates of $420.08 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was down 41.7% compared to the same quarter last year. As a group, analysts expect that KAR Auction Services will post 0.75 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Company LLC acquired a new stake in KAR Auction Services in the 1st quarter valued at about $26,000. Cerebellum GP LLC acquired a new stake in KAR Auction Services in the 2nd quarter valued at about $127,000. Twin Tree Management LP lifted its holdings in KAR Auction Services by 197.0% in the 2nd quarter. Twin Tree Management LP now owns 3,564 shares of the specialty retailer’s stock valued at $49,000 after acquiring an additional 2,364 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in KAR Auction Services by 214.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,641 shares of the specialty retailer’s stock valued at $133,000 after acquiring an additional 6,574 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in KAR Auction Services in the 2nd quarter valued at about $138,000.
KAR Auction Services Company Profile
KAR Auction Services, Inc, together with its subsidiaries, provides used car auction and salvage auction services in the United States, Canada, Mexico, and the United Kingdom. The company operates through three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.
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